01/11/2018


When you were thinking about your dream home you never thought about the mortgage you would need to pay for it. This article can help you prepare to meet your mortgage lender. There are many aspects to finding the right home and moving in, and one of the most important is your mortgage application. Largely because it's approval is the decider on whether or not you will actually get the keys in your hand.

Tips to Help You Prepare to Meet Your Mortgage Lender

If this is a situation that you find yourself in and you are planning to meet your mortgage lender, below are some tips from Riva Title Company which can help.

What Does Your past Look Like?

The first thing that any reputable mortgage lender or broker will do when it comes to your first meeting is type your name into their computer and bring up your credit history and score. Why? Because this report has the majority of the information they will need to determine your eligibility. Don’t let the first time that you see this information be during your meeting. Why? Because the last thing that you want to do is to try to explain a mark or an outstanding payment which you genuinely don’t know anything about. Prior to your meeting, obtain your own copy of your credit report and work through it with a fine tooth comb. If you see any inconsistencies, be sure to raise them with your reporting agency. In particular, pay attention to the following:
  • Any instances where you name is misspelled
  • An address you don’t recognize
  • An application for credit you didn’t make
  • Any outstanding payments you owe
Any of the above can indicate that somebody has used your personal information to take out a line of credit in your name, reducing your creditworthiness.

What Does Your Present Look Like?

As much as you think that you have a handle on your monthly finances, simply sitting down with a mortgage lender and telling them how much you earn and how much you have left over each month isn’t going to cut it. The first thing that you will need to do is to create a budget which clearly shows your monthly income streams compared to your outgoing expenses. If you have any expenses which span over a period of months, be sure to apportion them into a monthly charge. There is a range of reasons to prepare a formal budget, but the primary reason is to show your lender that you are serious about your application and that you are aware of how to manage and control your monthly finances. Once you have found your dream home, be sure to secure its ownership with title insurance. Speak with Riva Title Agency today at 786-787-7888 to find out more about how title insurance in Coral Gables, FL can protect your financial future.

What Does Your Future Look Like?

Once you have everything ready, it can be tempting to jump straight into the home search and book your mortgage lender meeting. And while you are no doubt excited, give some thought to the idea of waiting. For example, if, when you were creating your budget, you can see that one or more of your smaller debts will be paid off in a few months, consider waiting to lodge your application until you are in a better financial position. Similarly, if you are looking at your current finances on paper and you aren’t as sure as you were that you are able to take on the financial responsibility of a mortgage, then calculate when you will be in a better position and wait.

What to Take with You

Once you are sure that you are in the best position and you want to apply, be sure to take substantiation documentation with you, such as:
  • Pay stubs/Slips for a consecutive six months prior
  • Savings statements
  • Credit statements
  • Investment information or share portfolio documentation
While there will be more paperwork which your lender will require throughout the application, the above will be enough for them to get your application started while you source the rest of your requirements.

Title Insurance in Coral Gables, FL

To protect their investment, every reputable lender will require you to take on title insurance in the event that the ownership is challenged. Get ahead of the process by speaking with Riva Title Agency at 786-787-7888 to arrange a thorough title inspection and subsequent issuance of title insurance. Available only prior to settlement, title insurance in Coral Gables, FL is the best way to protect the ownership of your title and protect you from any future challenges which may result in your financial loss without the protections afforded.